JSW Steel Limited has achieved a significant financial milestone after Moody’s Ratings assigned the company a Baa3 long-term issuer rating with a Stable Outlook, elevating it to global investment grade status. The rating reflects the company’s strengthened financial position, sustained operational performance and disciplined approach to growth, further reinforcing its standing among leading global steel manufacturers.
Moody’s also upgraded JSW Steel’s senior unsecured ratings and the guaranteed senior unsecured revenue bonds issued by the Jefferson County Port Authority from Ba1 to Baa3, while withdrawing the company’s earlier Ba1 corporate family rating. The global rating agency cited JSW Steel’s position as India’s largest steel producer, supported by its cost-efficient, multi-location manufacturing operations and significant improvement in its balance sheet. Moody’s also highlighted the company’s successful debt reduction, expanding operating scale and strong earnings outlook as key factors behind the upgrade.
The agency expects recently commissioned projects at the Vijayanagar steel complex, along with the upcoming Dolvi Phase III expansion, to further strengthen earnings and improve credit metrics. Moody’s also noted that the company’s disciplined capital allocation strategy and prudent financial management are expected to support future growth while maintaining a healthy financial profile.
Over the past fifteen months, JSW Steel has significantly reduced its net debt from ₹76,563 crore as of March 31, 2025, to ₹46,157 crore as of June 30, 2026, representing a reduction of more than ₹30,000 crore. During the same period, the company’s Net Debt-to-EBITDA ratio improved from 3.34 times to 1.46 times, reflecting stronger cash generation and improved financial discipline.
The Moody’s upgrade follows a series of positive rating actions by other leading agencies. Earlier this month, Fitch Ratings upgraded JSW Steel to ‘BB+’ with a Positive Outlook, while CARE Ratings and ICRA upgraded the company’s long-term ratings to AA+, reinforcing market confidence in the company’s financial strength and long-term growth strategy.
Commenting on the achievement, Jayant Acharya, Joint Managing Director and Chief Executive Officer of JSW Steel, said the investment-grade rating recognises the company’s scale, resilient business model and cost-efficient manufacturing operations. He noted that India’s growing steel demand, driven by infrastructure development, construction and industrial expansion, presents significant long-term opportunities. He added that capacity expansion projects at Vijayanagar and Dolvi, together with strategic partnerships with JFE Steel and POSCO, will strengthen the company’s ability to serve domestic and international markets while moving further up the value chain. According to him, the investment-grade status will also improve access to global capital markets on more competitive terms.
Swayam Saurabh, Chief Financial Officer of JSW Steel, said the rating reflects the company’s disciplined financial management over multiple business cycles. He noted that prudent capital allocation, measured expansion and balance sheet strengthening have improved the company’s borrowing profile and enhanced its ability to fund future growth efficiently.
JSW Steel currently has 31.9 million tonnes per annum (MTPA) of crude steel capacity across its operations in Karnataka, Maharashtra, Tamil Nadu and Chhattisgarh. Including joint ventures, total steelmaking capacity stands at 36.4 MTPA. The company plans to continue expanding its manufacturing footprint, with a further 5 MTPA expansion at Dolvi scheduled for commissioning in FY2027-28.
A flagship company of the US$25 billion JSW Group, JSW Steel has emerged as one of the world’s leading integrated steel producers. The company continues to invest in advanced manufacturing technologies, sustainability initiatives and high-value steel products while maintaining its commitment to reducing carbon emissions and supporting India’s transition towards sustainable industrial growth.
